One of the important phase of black titanium oxide is $Ti_4O_7$ which has the excellent properties such as the greatest electrical conductivity among the titanium oxides, chemical resistance against acidic and alkalic conditions and electro-wave absorption etc., so it has been considered as a promising material to be used widely all over the parts of industries. In this study, $Ti_4O_7$</TEC> phase was successfully synthesized by the reaction of TiO$_2$/ Mg system. With the change of the mole of TiO$_2$to Mg, the most excellent blackness was appeared in the 3.5 mole which was the smaller amount than the stoichiometric 4.0 mole. In addition, we found that the blackness decreased as the mole ratio of reactent increased. With decreasing particle size of magnesium, blackness of titanium oxide increased. The reaction property was changed with the compaction pressure, and optimum pressure was found to be 10 MPa. At 55$0^{circ}C$ of reduction temperature, the blackness increased as the reaction time increased. The blackness of synthesized black titanium oxide was 14 to 18, and the average particle size was 0.2 $mu extrm{m}$.